tv Forbes on FOX FOX News September 8, 2012 11:00am-11:30am EDT
rescue not with standing. what do you think? >> there are awfully good signs coming out of the u.s. and good signs out of the european rescue package. >> we'll see. david asban on forbes on fox. >> is it red or blue to pay more. >> being asked to pay your fair share, is it class warfare, it is patriotism. and so is newark, new jersey mayor corey booker right? welcome to forbes on fox. we'll go in focus with steve and rick and steve, let's start with yu. is it more patriotic to pay more in taxings. no, it is the last refuge of
scoundrel. and it is red, white and blue and bleed the economy and blue up for more unemployment. wrong kinds. >> rick, patriotic. >> i am quoting spiderman uncle ben who said with great power comes great responsibility and it is time that people understand it is a duty of citizenship to pay taxes when you can. all corey booker was talking about. it is time that we accept our responsibilities and be fair. that is patriotic. >> rich, isn't the top three percent get hit with higher taxings. they pay over 50 percent of the share of income taxings. this is code language of get rid of the dividend tax
differential and capitol gains. progressive wing of the democratic party hate the fact that you invest it and you tax at a lower rate. if they believe tharks they should work to change the tax code. patriotic thing follow the tax code and not pay a penny more than the law requires. >> bill, if the democrats are reelected and the president gets reelected we'll see tax rates go up. that's what he wants. aren't the rich already paying their fair share. >> i think no one is paying. i think take it off of the present course which is a long slow style to a greek-tile bankruptcy that would be patriotic. we need a tax and start on a pen yegoes up a penny. and since it is a flat tax steve forbes can weather it. >> steve would like everybody
to pay the same percentage. but right now, aren't the wealthy already paying it? top three percent are paying over 50 percent of income taxes, how much more can you squeeze them? >> i met mayor booker and i like him but he's wrong. you are taxs and punishing the accidents that are creating the businesses. that's what obama's plan would do and not what you want to do. that hurts the economic recovery and if you look at jobs report it remains so dismal despite being the third year of recovery. >> victoria, i was looking for figures as mike talking. by 2007, 79 percent of the businesses in america were pass through entitis and four million s-corps but the bottom line, that means a lot of small businesses are filing as individuals that means the small businesses would get hit
by the tax increases. >> sure, small businesses get hit and that is a higher cost of the doing day-to-day business and that means they will hire less and that is bad news for the economy overall. if you are talking about the notion of economic patriotism. top 10 percent are paying 70 percent of the federal income taxings. would it be 95 percent more fair and half a million americans who are not paying tax are not they patriots. >> they are patriots and we forget those americans are paying taxes not always income taxings. rich, that is not the code we are speaking in. only republicans understand that heavy mumbo, jumo. we don't know from the graduated capitol gains. >> oh, please. >> it was a secret code. >> we know, steve, that the president's plan to raise
taxes dramatically . we have two different sets of plans on what to do with taxings. mitt romney said he would lower tax rates on everybody . the president would raise the top bracket from 35 to 39 percent. a new surcharge for obama care . he said we go back to clinton and we would be going back to tax rates under the carter administration, right? >> the whole thing with europe and japan and now the america governments are crushing the private sector and deficits get big yer problems get worse. that is the problem in europe. why do we want to repeat that here? greece is now more taxs and now awe depression. massive increase in taxes and 80s we did the opposite and 90s, clinton raised taxs and economy slowed down and he reduced taxes. >> you are shaking your head .
this is what president obama is going to do? >> why are corporate profits at record highs if this terrible thing is happening. >> they are cutting expenses x. corporate revenues. >> this is an important point. corporate rev nighs are coming down and people are buying less and corporations are saving tremendously. they are doing better on the bottom line but revenues are coming in at a slower rate, rick. and one thingings about a dynamic company you find the largest companies down sizing and you have millions of new companies creating new jobs. we are not getting a new job creation this time. >> victoria, we heard that people are pulling out of the work force because corporation and businesses are hiring few people. >> people are acting conservatively. we are not in a growth menitality. we have to hunker down and
don't hire or invest. future is not bright and taxes are going up. >> it is worse than victoria said, david. all . class warfare hurts the wealthy and hurts the poor worse. the gap has grown . we have one in 7 people on food stamps and our poverty rate is the highest since the great depression. >> hot on a second. bill is sitting here like yoda with his hands. i want to get the advice. we have seen the differential. i think it is important as well. but it is growing, the difference between the wealth yepoorest since obama took office. >> we can't blame that on obama or bush. this is going on for 40 years. i want to ask victoria an important question of incentives. why would higher taxes make me less likely to invest in the future by hiring more engineers. i can deduct their pay roll.
>> we have the question, answer, victoria. >> overall costs are going up. bill. you can do funky things with the tax code and write off the labor costs, but you are in a menitality of my costs are going up and the government wants to take more away from what i am earning in the end of the day and i will have less to invest going forward. >> steve, one thing we seemed to found out about. as victoria doing funky things with the tax code doesn't work too well. pumbum had depunky things in order to incent vise business. and what bill would say crazy things we saw in the 'cents and other things. trying to get around the tax
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we have had massive increases on public education and the really answer is give all parents coupons and get actability. otherwise more taxes. >> morgan what we have seemed to learn that miling more money into something may not make it better with education. on the flip side of that. part of the reason sales tax is discussed is because money is pulled back for funding on these programs . it is potentially a good investment. prek in san antonio they are looking at prek and make it a more quality pre-k. my favorite is from university of the wisconsin and shows $6700 invested in early education lead toz 48,000 in
savings in incarceration and unemployment expense. >> and talk to victoria who has a couple of kids of her own. >> we started prek this week, david. there is a lot of interesting studies sho that show value in preschool education and disporportionately pay a large amount on public education later on in terms of high school and college and you can extend that to incarceration rates. i agree with morgan we should invest in early childhood development. however, what san antonio is doing is looking at a full-day preschool which is versus half day. you are public dollars in day care. i think it is a school and not extending to a full on day care. >> rick, good or bad. >> morgan has it right. you are scoring big with everybody . you got it right, the money is
not there because the state and feds pulled back . none of us live in san antonio. it is not being jammed down their throats and it is up for a vote. if people think full day of prek they will vote for it. if they done, they won't. >> slippery slope. this is how it begins. >> you know, i agree with everything that steve said. but if you are going to experiment. it is best to experiment in the city first and state level second and only things work bring it up to the federal level. i think it is probably not going to work. but san antonio has every right to try it and if they pull an upset we'll all learn from it. that's the beauty of the united states we can run all of the state and city experiments. >> we are not in san antonio but emac is studying it fay while. >> what we need in the debate
is the fact that san antonio school system local news respects are abuzz with the nepotism and cronyism and fat cat pay and book keeping abuses and abuses of taxpayer area. when you fix that first, maybe come back to the taxpayer and start saying yes, pay for when you fix your books first do that. >> and what about that. you don't want to get hole hog in something when it has a potential of being a corrupt system. >> if that is the case, folk in san antonio know all about it if the city is abuzz and i have a feeling they will not vote for this. >> and this is an exercise in democracy. >> unfortunately we see if they fail in state and local they apply it nationally . biggest failures health care and education and give parents
where with all and let them make a choice. if they want one hour or 20 fine. >> rick, since the right to work rule in wisconsin work. maybe we ought to apply that nationally. >> try it @ state and see if it workings. ask anybody in massachusetts or 95.5 percent of them. they will tell you that romney care worked. that is highly unpopular. >> we are talking about education and that is not being paid for directly. taxpayers having to foot the bill for a system rife with corruption. tax trees and in. worms and magic pony behind the tree. how far can you go without saying enough. fix your system first. >> lard word from emac. you want to stop out of the sight government spending.
privatize entire cities. a new plan to save tax. first walmart and toys arus making it easy to buy on lay away. it could be bad news for all of us. hear the flip side next. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners.
waiving the holiday lay away fees and doing away with minimum purchase the move after walmart started lay away season earlier than ever. emac said it is bad news for the economy. why is this a bad sign. >> it is not only jump on holiday spend competition. toys r u.s. was one of the first to bring back lay aways. and those same reasons still stand today. middle class consumer is still hurting. >> rick, is this good or bad. >> i have followed toys rus for many years . only thing they were amazed they were bone headed enough to put a fee. they are struggling against the deep discounters and internet and of course, they take the fees off lay away. they can't do anything to send business elsewhere. >> mike, do you agree.
>> i agree with emac. it shows how weak the economy is. lay aways are around for a long time. they are taking negative interest rates to finance the program and clear out the inventy. they are facing slowing sales growth. lay aways don't work when prices are going hay wire. it is a sign of reduction and shrinkage in the credit card industry that is evil. >> i can't figure out why a reduction in inflation is evil. reduction is a good thing. >> steve. >> i thought i was in alice in wonder land. it is not a good thing. it shows what is happening in the jobs report is happening in the economy . crisis in the middle east and asia and all affecting the
consumer interest. there is problem global economy and why they are doing this and more for the christmas season. emac is there any way out of this. the recession ended in june 2009. and recognizing how you create yobs and supporting where the u.s. economy and how it is restructing itself in a surfaces. >> 2009, it is hard to believe it is over that long. apple and amzon coming out with more from apple and kindles. find out how you can cash in on that, nex.
sellers. morgan. ibago technologies. >> they're a semiconductor stock and analyst sea buy, buy, buy. >> bill will they take off . >> if you don't mind a 50 percent drop in the stock price. >> how does lamb research . >> lam is not an upstart and makes the stuff that makes the stuff for electronic gadgets. >> it is an expensive stock and earnings are deteriorating. >> you have qualcomm. how do they ben frit if apple or kindle. >> they make the high powered four-g level phone and noka and apple will likely turn to it. >> qualcomm has a great rep tage . >> it is great. but sellers are steadily selling the stock. >> watch these closely. if apple and the kindle go up so do these. and thank you for watch